Digital Health Reshaping MedTech Industry as Consumers Demand “Anywhere, Everywhere” Healthcare, Accenture and AdvaMed Report Finds | Accenture – Newsroom | Accenture
Electronic Health Reshaping MedTech Business as Customers Demand “Anywhere, Everywhere” Health care, Accenture plus AdvaMed Statement Finds
Shift away from traditional healthcare settings will impact long-term business strategies and models, according to more than three-quarters of MedTech executives surveyed
NEW YORK; Nov. 9, 2022 – The medical technology (MedTech) industry is being reshaped by digital health and consumers’ expectations to receive care how, when and where they want, according to a new report from Accenture (NYSE: ACN) and AdvaMed.
The particular report, titled “ Digital Health and MedTech – New Signals for Transformation , ” based on a global survey of more than 150 MedTech executives, reveals a shift away from traditional healthcare versions, with leaders adopting digital health as a core part associated with their approach to improving patient outcomes. More compared to three-quarters (75%) of the executives said that expanding care settings will significantly reorient their company’s extensive strategy plus change business models.
“Healthcare is at a crossroads, facing unprecedented pressure and disruption — including affordability challenges, shifting patient expectations, and an increasing deluge of health data, ” said Tim Durst, a managing director at Accenture who leads the global medical technologies sector in the company’s Life Sciences practice. “With an unique understanding associated with therapeutics, patients and providers, as well as insights gained through digital devices within the hands of patients, MedTech companies are well-positioned to lead the transformation to electronic health. However , companies will need the proper digital foundation to leverage the necessary information and create a comprehensive digital health solution. ”
The statement notes that developing the right connected products, services plus programs with regard to patients and providers remains a hurdle, citing implementation complexity and the lack of the best partners as primary challenges. In addition, nearly nine out of 10 professionals (86%) declared that technology plus collaboration are key in order to addressing these challenges.
The report identifies five key trends driving the future growth associated with MedTech:
- The Consumer Patient: Healthcare is no longer an one-way interaction with the patient only on the receiving end; it now requires continuous engagement between patient, provider and payer. Two-thirds (70%) of business owners said that will the Consumer Patient phenomenon is very relevant and expect it to significantly affect their firm’s long-term strategy.
- Care Anywhere, Everywhere: As consumers increasingly anticipate to receive care exactly how, where and when they need, healthcare will be increasingly growing from hospitals to ambulatory and at-home care locations. The MedTech executives interviewed for the report stated that while traditional items continue in order to drive revenues, the expansion of care to new settings is a key part of their growth strategies.
- The Rise of Digital Health: MedTech company leaders are prioritizing digital wellness by building capabilities in-house through investments in R& D, technology, electronic and new business models; and simply by making asset acquisitions to expand their own pipeline across therapeutic areas and add new abilities to innovate faster or reach customers in brand new ways. Nearly all (99%) management indicated that development plus commercialization associated with Digital Wellness solutions has accelerated in the past two years.
- Converging Sectors: The particular rise of digital in healthcare is usually also fueling non-traditional deals, with future success dependent upon various sectors converging to develop products and services across the entire care continuum, based on nearly nine out associated with 10 (86%) executives.
- New Regulatory Pathways : Digital Health may fall outside the bounds of established regulatory pathways for untested technologies, requiring new approaches from the sector. Most executives (87%) identified government regulations as a threat and disruptor to their company. This may be due to the particular shifting nature of regulatory guidelines, as regulatory bodies work in order to keep up with the rate of new plus emerging technologies and ensure they are safe and effective.
Scott Whitaker, AdvaMed president and CEO said, “AdvaMed members are at the forefront of innovation and enhancing patient health outcomes, and we are seeing some of the most exciting advancements inside digital wellness. The report’s findings will help us plan for the long term of our industry to ensure we can thrive and grow to meet the needs of the particular patients that rely on medical devices every day. ”
Access the full report here .
About the Research
Accenture selected 150 MedTech senior executives globally (Germany, Japan, Netherlands, Switzerland, UK and US). The respondents were equally distributed throughout 30 med-tech companies along with median 2021 global income of almost US$10 billion. Two-thirds from the respondents had a tenure of 11-20 years’ experience in the MedTech industry. Accenture also interviewed 30+ C-suite and other senior professionals from the MedTech plus pharma industries in AdvaMed’s Digital Wellness Center associated with Excellence in order to confirm survey findings and gain deeper insights. In addition , the researchers analyzed 100 M& A deals and more than 600 product launches from the subset of MedTech companies that took place among January 2019 and March 2022.
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